In short: Terranova confirms he is out: "we sold out of LVS." He uses it to challenge Lebenthal's single-cause explanation of Wynn's chart: "the casino stocks peaked… they peaked in November for Las Vegas Sands… you're inferring that this is idiosyncratic to Wynn and it's a relationship in the Middle East. It seems to me the casinos are just trading awful. Las Vegas Sands looks awful as well." Lebenthal's partial defence is a geographic split — "Las Vegas Sands is Macau, which actually is coming back. But the issue for the gaming industry has been Las Vegas," where post-boom pricing has had to reset to bring demand back.
Las Vegas Sands is the Macau-weighted casino operator. Terranova confirms he sold out, and uses the name as the control experiment against Lebenthal's Wynn story.
The logic is worth borrowing whenever someone explains a stock's fall with one company-specific cause. Wynn's decline is blamed on its Gulf resort and the war. Las Vegas Sands has no Gulf exposure, and it looks just as bad — and both peaked back in November, before the war. When a comparable company without your explanation falls the same way, your explanation is probably not the driver. Lebenthal's counter is a real one, though: Macau is recovering, so Sands and Wynn are not perfect comparisons, and the shared problem is Las Vegas room pricing rather than either company.
In short: Removed from Terranova's ETF in the same travel-and-leisure rebalance — and unlike Royal Caribbean he offers no defense: "Las Vegas Sands, that's price momentum." A straight momentum-failure exit within the consumer-discretionary sector he says momentum works worst in ("a lot of fits, a lot of starts, a lot of quick entry into positions and a couple of quarters later you're out of it").
Las Vegas Sands was dropped from Joe Terranova's ETF in the same travel-and-leisure rebalance, and unlike Royal Caribbean he offers no mitigating explanation: "Las Vegas Sands — that's price momentum." The stock simply stopped performing well enough to keep its place, in the sector he says momentum strategies struggle with most.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.